Transport for London introduces new rules barring cash payments for bus fare
Those using public transportation in London will no longer be able to pay their bus fair with cash. Transport for London, the city’s public transit authority, has begun implementing new rules that bar bus drivers from accepting cash, meaning that passengers will have to make use of prepaid cards or concessionary tickets. This also open the way for the use of mobile payments, allowing travelers to pay their bus fare with nothing more than their mobile device.
Mobile commerce and public transit are beginning to grow more closely together
Mobile commerce and public transportation synergize well. Digital payments are often praised for their convenience, allowing consumers to purchase goods and services relatively quickly. This is why mobile commerce has become quite popular among commuters, as it allows them to make purchase wherever they are and at any time. Because so many people have mobile devices, the idea of combing mobile payments and public transportation seems natural.
New rules are not likely to affect the majority of those making use of London’s buses on a daily basis
According to Transport for London, the majority of consumers will be unaffected by its new rules. An estimated 99% of people using the city’s buses already pay their fare through the use of prepaid cards or tickets. These rules are being considered another step in London’s ongoing “payment revolution,” which is personified by those using alternative payment methods and abandoning cash. The demand for mobile-centric payment services is on the rise as well, with more businesses opting to support mobile commerce alongside more traditional forms of commerce.
New service introduces more convenience to the public transportation system
Transport for London has also introduced a new service that is designed to make public transportation more convenient for people throughout the City. The One More Journey service allows people to make one more trip if they do not have enough money on their prepaid cards to cover bus fare. Some 44,000 people have benefitted from this new service since its introduction in June.
UK mobile payments spark innovation and the founding of new companies
The United Kingdom is emerging as a hub for innovation in the world of mobile payments. The country boasts of high penetration when it comes to mobile technology, with a massive number of consumers having access to smartphones and tablets. Several of the country’s largest retailers, including Tesco, have begun embracing mobile payments very aggressively, making mobile commerce much more popular among British consumers. The growing popularity of mobile payments has lead to the emergence of new companies that aim to establish a formidable force in the evolving state of commerce. Droplet is one such company.
Droplet finds success in UK mobile commerce
Droplet is a mobile payments firm, which released a mobile application of the same name earlier this year. The Droplet application allows users to purchase goods and services using their mobile device. Users can transfer funds to others as well, free of charge. Droplet recently closed a successful beta testing phase for the application, wherein it saw significant success in consumer adoption. Backed by this success, the application is heading to London, where it aims to spark a commerce revolution.
Droplet sees major growth through beta testing phase
Commerce is becoming increasingly mobile-centric. Many consumers in the United Kingdom are becoming more comfortable with the concept of mobile payments, making it more likely for these consumers to make purchases directly from their smartphones and tablets. In Birmingham, where Droplet’s beta phase was focused, more than 60 merchants signed up for the firm’s services and more than 2,500 consumers downloaded the Droplet application in order to make mobile payments. In London, Droplet expects to see those numbers rise exponentially.
Mobile payments to become more attractive in London
Droplet will become more than a mobile payments platform in the coming weeks. Droplet Tools is currently in development and will serve as a platform that will enable applications developers to create customized features for merchants. Through these features, merchants will be able to leverage loyalty programs or provide consumers with special offers. The fact that Droplet is fee-free is also expected to attract a great deal of attention from London’s merchants.
